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14 Oct 2025

"Rayonier and PotlatchDeltic Announce All-Stock Merger to Create Leading Timber and Wood Products Company"

"Rayonier and PotlatchDeltic have announced an all-stock merger of equals, creating a major player in land resources and lumber manufacturing. The combined entity will manage approximately 4.2 million acres of timberland and have significant lumber and plywood production capacities. The merger is expected to close in early 2026, resulting in a company with a market capitalization of $7.1 billion and an enterprise value of $8.2 billion, making it the second-largest publicly traded timber and wood products company in North America."

Latham & Watkins LLP represented PotlatchDeltic in the all-stock merger of equals with Rayonier, creating a leading domestic land resources owner and top-tier lumber manufacturer. The transaction will combine the two companies into a single entity with a diversified timberland portfolio of approximately 4.2 million acres and a wood products manufacturing capacity of 1.2 billion board feet of lumber and 150 million square feet of plywood. The merger is expected to close in late Q1 or early Q2 of 2026, resulting in a pro forma equity market capitalization of US$7.1 billion and a total enterprise value of US$8.2 billion. The legal team from Latham & Watkins involved in the transaction includes: - Tad Freese (Partner, Corporate M&A) - Tessa Bernhardt (Partner, Corporate M&A) - Darren Guttenberg (Partner, Corporate M&A) - Bryan Warner (Associate, Corporate M&A) - Rebecca Dixon (Associate, Corporate M&A) - Cameron Koob (Associate, Corporate M&A) - Alice Han (Associate, Corporate M&A) - Judy Shamshikh (Assistance, Corporate M&A) - Joshua Holian (Partner, Antitrust) - Jamie Sadler (Counsel, Antitrust) - Suhansi Dilmini Perera (Associate, Antitrust) - Sim Singh Sadhra (Associate, Antitrust) - Ashley Wagner (Partner, Executive Compensation and Employee Benefits) - Jennifer Lin (Associate, Executive Compensation and Employee Benefits) - Nathan Whitaker (Partner, Finance) - Samantha Hehir (Associate, Finance) - Arielle Singh (Counsel, Commercial Transactions) - Amy Tosi (Associate, Commercial Transactions) - Tyler Israel (Associate, Commercial Transactions) - Ece Gonulal (Associate, Commercial Transactions) - Claire Jensen (Associate, Commercial Transactions) - Michele Anderson (Partner, Securities and Capital Markets) - Lewis Kneib (Partner, Securities and Capital Markets) - Devon MacLaughlin (Counsel, Securities and Capital Markets) - Eric Finkelberg (Associate, Securities and Capital Markets) - Edwin Jesus Gonzalez (Associate, Securities and Capital Markets) - Ana G. O'Brien (Partner, Tax) - William Kessler (Counsel, Tax) - Joshua Marnitz (Partner, Energy/Environmental Regulatory) - Brandon Kerns (Associate, Energy/Environmental Regulatory) - Meghan Cocci (Partner, Real Estate) - Hilary Strong (Partner, Real Estate) - Kimberly Legate-Ford (Associate, Real Estate) - Adrianna Robakowski (Associate, Real Estate) - Robert Blamires (Partner, Privacy and Cybersecurity) - Kathryn Parsons-Reponte (Associate, Privacy and Cybersecurity)
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